Fortis to sell stake in Quality Healthcare for $ 355 million

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Fortis to sell stake in Quality Healthcare for $ 355 million

#1 Postby Shivani » Tue Oct 15, 2013 10:38 am

Fortis Healthcare on Monday announced that the company is going to sell their stake in Qualtiy Healthcare to Bupa for $355 million to cut its debt.This deal is expected to complete this month.

The divestment will help Fortis to focus on its hospital and diagnostic business in India and further strengthen its balance sheet by improving its net debt to equity ratio and creating further room for growth, the company said.Fortis healthcare is promoted by Malvinder Singh and Shivinder Singh, they hold the stake in Quality Healthcare through its Singapore subsidiary Fortis Healthcare International Pte Ltd.

Established in 1868, Quality Healthcare is the largest provider of healthcare services to corporations in Hong Kong, with a network of 50 medical centres, more than 500 affiliated clinics and more than 20 dental and physiotherapy centres.After, the disinvestment of Quality Healthcare the company's Indian revenue will account for nearly 95% of the total revenue.

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